New party plans to borrow N$30 billion to pay off national debt

Namibia Progressive Party co-founder Penda Negonga plans to borrow N$30 billion to pay off the country’s debts if he is elected president.

Negonga said this in an interview with The Namibian last week.

According to Negonga, half of the money will be used to construct direct return of investments in different towns.

“The N$30 billion would be borrowed from global money lenders through loans and bonds. We shall ask the Government Institutions Pension Fund to provide a guarantee to put the money lenders at ease,” he said.

Negongo aims to invest N$22 billion in infrastructure development.

“The other N$7 billion will be sourced from the Development Bank of Namibia and the government will provide sovereign guarantee. The N$22 billion is going to be used to fund the construction of factories throughout Namibia, food security projects, the construction of a coal fired power plant in the Omaheke region and job creation projects in urban and rural areas,” he said.

The remaining N$15 billion will be used to pay off a portion of the country’s existing bad debts.

RELEASE OF PRISONERS

According to Negonga, his administration will release thousands of non-violent prisoners and those who have served long sentences.

“Before the prisoners are re-integrated back into the society, they will have to attend a mandatory national service training programme with a duration as determined by the chief of the defence force,” he said.

Negonga has previously criticised his opponents in the media for lacking the required intellectual capacity, and said he is better qualified to run for president.

“The difference between Namibia Progressive Party and the Swapo-led government is that the current government borrows money to pay salaries, servicing of land and renovations of schools – which all [fall] under the category of indirect return of investments,” he said.

220 000 APARTMENTS

Negonga said he will run in the forthcoming presidential election, despite the Namibia Progressive Party not yet being registered with the Electoral Commission of Namibia (ECN).

According to Negonga, once in power, the party’s administration will construct 220 000 apartment units countrywide in the next 10 years at the cost of N$75 billion.

Swapo also unveiled its 2024 election manifesto over the weekend, revealing a renewed commitment to the nation’s development and unity.

The manifesto, themed ‘Unity in Diversity: Natural Resources Beneficiation and Youth Empowerment for Sustainable Development’, builds on the foundation laid by the party’s 2020-2025 manifesto, promising inclusive development and shared prosperity.

Meanwhile, the Independent Patriots for Change also launched its manifesto over the weekend, which aims to reduce youth unemployment, among other challenges.